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Additive Labour Values and Prices: Evidence from the Supply and Use Tables of the French, German and Greek Economies

  • T Mariolis
  • G Soklis

This paper finds, on the basis of a usual 'square' linear model of joint production, that the vectors of additive labour values and/or actual prices of production associated with the Supply and Use Tables of the Greek economy (for the years 1995 and 1999) are economically insignificant, whilst the relevant vectors of the French (for the years 1995 and 2005) and German (for the years 2000 and 2005) economies are economically significant. The evaluation of the results reveals certain technical-social features of the economies under consideration and casts doubt on the logic of the so-called empirical labour theory of value.

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Article provided by Economic Issues in its journal Economic Issues.

Volume (Year): 15 (2010)
Issue (Month): 2 (September)
Pages: 87-107

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Handle: RePEc:eis:articl:210mariolis
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  1. Steedman, Ian & Metcalfe, J S, 1981. "On Duality and Basic Commodities in an Open Economy," Australian Economic Papers, Wiley Blackwell, vol. 20(36), pages 133-41, June.
  2. Thijs ten Raa & José Manuel Rueda Cantuche, 2003. "The Construction of input-output Coefficients Matrices in an Axiomatic Context: Some Further Considerations," Economic Working Papers at Centro de Estudios Andaluces E2003/30, Centro de Estudios Andaluces.
  3. Lefteris Tsoulfidis, 2002. "Values, prices of production and market prices: some more evidence from the Greek economy," Cambridge Journal of Economics, Oxford University Press, vol. 26(3), pages 359-369, May.
  4. Steedman, Ian, 1975. "Positive Profits with Negative Surplus Value," Economic Journal, Royal Economic Society, vol. 85(337), pages 114-23, March.
  5. Flaschel, Peter, 1983. "Actual Labor Values in a General Model of Production," Econometrica, Econometric Society, vol. 51(2), pages 435-54, March.
  6. repec:cup:cbooks:9780521443258 is not listed on IDEAS
  7. Ten Raa, M.H. & Jansen, P., 1989. "The choice of model in the construction of input-output coefficients matrices," Discussion Paper 1989-1, Tilburg University, Center for Economic Research.
  8. Lefteris Tsoulfidis & Theodore Mariolis, 2007. "Labour Values, Prices of Production and the Effects of Income Distribution: Evidence from the Greek Economy," Economic Systems Research, Taylor & Francis Journals, vol. 19(4), pages 425-437.
  9. Filippini, Carlo & Filippini, Luigi, 1982. "Two Theorems on Joint Production," Economic Journal, Royal Economic Society, vol. 92(366), pages 386-90, June.
  10. Steedman, Ian, 1976. "Positive Profits with Negative Surplus Value: A Reply," Economic Journal, Royal Economic Society, vol. 86(343), pages 604-08, September.
  11. Steedman, Ian & Tomkins, Judith, 1998. "On Measuring the Deviation of Prices from Values," Cambridge Journal of Economics, Oxford University Press, vol. 22(3), pages 379-85, May.
  12. Cockshott, W Paul & Cottrell, Allin F, 1997. "Labour Time versus Alternative Value Bases: A Research Note," Cambridge Journal of Economics, Oxford University Press, vol. 21(4), pages 545-49, July.
  13. Ian Steedman, 1992. "Joint Production and the 'New Solution' to the Transformation Problem," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 27, pages 123-127.
  14. Ian Steedman, 1985. "Heterogeneous Labour, Money Wages, and Marx's Theory," History of Political Economy, Duke University Press, vol. 17(4), pages 551-574, Winter.
  15. Flaschel, Peter, 1980. " The Derivation and Comparison of Employment Multipliers and Labour Productivity Indexes Using Monetary and Physical Input-Output Tables," Economic Change and Restructuring, Springer, vol. 16(3), pages 118-29.
  16. Christian Bidard & Guido Erreygers, 1998. "Sraffa and Leontief on Joint Production," Review of Political Economy, Taylor & Francis Journals, vol. 10(4), pages 427-446.
  17. Bidard, Christian, 1997. "Pure Joint Production," Cambridge Journal of Economics, Oxford University Press, vol. 21(6), pages 685-701, November.
  18. Thijs ten Raa & José M. Rueda-Cantuche, 2005. "The problem of negatives in input-output analysis: a review of the solutions," Economic Working Papers at Centro de Estudios Andaluces E2005/07, Centro de Estudios Andaluces.
  19. Lefteris Tsoulfidis, 2008. "Price-value deviations: further evidence from input-output data of Japan," International Review of Applied Economics, Taylor & Francis Journals, vol. 22(6), pages 707-724.
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